In the onset of the pandemic, some in the healthcare industry turned into billionaires. As the pandemic takes a downward turn, so do their fortunes, according to a Feb. 24 article published in Fortune.
Seegene, a maker of COVID-19 test kits, had stocks increase by 919 percent by August. The founder of Alteogen, a biotech that produces subcutaneous needles, became a billionaire after the company's stocks surged last year. After the vaccine rollout, their founders are no longer billionaires as their stocks sank more than 41 percent, according to the Bloomberg Billionaires Index.
Glove-makers in Malaysia noted five billionaires by August last year. Since then, their shares are down 40 percent from previous highs, wiping $9 billion from their founders' net worth, Fortune reports.
"The extravagant rise in stock prices is going to be far-fetched, and it's unlikely they'll grow at the same rate," Nirgunan Tiruchelvam, head of consumer sector equity research at Tellimer, told Fortune. "We're going to see a rotation from virus stocks to vaccine stocks."
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